Dallas-area apartment rents growing slower than national rate

Dallas-area apartment rents were up about 3% in July.

Dallas-area apartment rents are growing at less than the national average.

But local renters still have to dig deeper to come up with monthly payments.

Nationwide apartment rents were up 3.4% in July from a year earlier, according to a new study by Yardi Systems Inc.

In the Dallas area, rents rose 3% year-over-year. The average Dallas area multifamily rent rose in July to $1,202.

"Multifamily rents continued their impressive and consistent performance, increasing by $3 in July to $1,469," Yardi analysts said in the nationwide report. "Metros known for their concentrations of technology industries — Boston, Portland and Seattle — have had the fastest-growing rents in recent months."

Austin apartment rents have jumped 4.6% in the last year. Houston rents grew only 0.8%.

The biggest rent hike in the country was in Las Vegas, where average apartment costs were 8% higher than in July 2018.